Preparations for tax payment

Staff Correspondent | Update:

The time for submitting tax returns has been set for 1 July to 30 November 2017. Tax returns for 2016-17 will be collected in this period.


The tax-free income range is Tk 250,000. Tax for income above that ranges from Tk 3000 to 5000.

Taxes for Dhaka City Corporation (North and South), Chittagong City Corporation, and areas that are outside city corporation areas have been set up to Tk 5000, 4000, and 3000.

A service holder's taxes is based on the basic salary, but there are tax rebates in some sectors such as savings certificates, investing in shares from listed share companies, treasury bonds.

The papers to be prepared for paying tax are a copy of tax returns of the previous year, related circle receipt, copy of documents pertaining to property, FDR, cashing certificate of DPS, receipts of advance tax payment of car fitness, receipt of source income tax, statements of all bank accounts, selling or purchasing shares, profit documents, etc.

If someone earns more than Tk 25000 as house rent, the person will have to have a bank statement. Transactions of Tk 500,000 or more should be done though banks, or it will be considered earning. Advance tax can be paid before 30 June if earning is more than Tk 400,000.

A number of reforms were taken in tax in 2017-18 fiscal year. Businessmen, CEOs, and others who are working in the management sector must pay tax.

Disabled people will have to pay taxes if they earn over Tk 400,000. Parents or legal guardian of disables children will also enjoy a tax-free bracket up to Tk 25000.

If wealth is less than Tk 2.5 million in value, then the bank statement will be optional. Now the range is Tk 2 million. Cars, flats, or property will have to be mentioned in annual tax returns.

   
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